Posted on: 18th Sep, 2010 08:02 am
I need help in getting my principle balance reduced or I will lose my home, does anyone know of any options besides a loan mod
Hi sunas,
You need to apply for a loan modification with the lender and request him to reduce your principal balance to pay off the mortgage. The lender will go through your financial situation and let you know whether or not he would accept your request.
Thanks
You need to apply for a loan modification with the lender and request him to reduce your principal balance to pay off the mortgage. The lender will go through your financial situation and let you know whether or not he would accept your request.
Thanks
Thanx for that info but is it really possible or will they hang up on me at the mere suggestion
There are other ways. It involves a short sale to an investor who is willing to lease the home to you to get your credit back up and than buy the home back from the investor in a 3-step process. I have seen it done before, but you will have to come 3-20% down on the home at its current value if your home is underwater.